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VETOES
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2450
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Maryland Industrial and Commercial
Redevelopment Fund - Loans
FOR the purpose of providing that certain loans are not debts or
obligations of certain political subdivisions by the
Department of Economic and Community Development for
industrial and community redevelopment projects may be
undertaken or entered into by a political subdivision
certain counties or Baltimore City without regard to certain
limitations and without complying with certain procedures;
and providing that the provisions of this Act are severable.
BY repealing and reenacting, with amendments,
Article 41 - Governor - Executive and Administrative
Departments
Section 462(c)
Annotated Code of Maryland
(1982 Replacement Volume)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 41 - Governor - Executive and Administrative
Departments
462.
(c) (1) A loan or grant may be for up to 90 percent of the
nonfederal and nonprivate portion of the eligible project cost.
However, a loan that, as to principal, is to be repaid in full
may not exceed $3,000,000. Any other loan or grant may not
exceed $2,000,000. The aggregate cumulative total of grants and
outstanding principal balance of loans, made to or within any one
county or Baltimore City, may not exceed 40% of the aggregate
cumulative total of appropriations and payments to the fund,
except that the aggregate cumulative total of grants and
outstanding principal balance of loans may exceed the 40 percent
limitation by an additional sum not to exceed 25 percent of such
amount, if the additional sum is restricted to loans made to a
political subdivision exclusively for use within an area
designated an enterprise zone pursuant to § 266KK-2 of this
Article. Not more than 50 percent of the cumulative total of
appropriations and payments to the fund may be made available as
grants or loans to all of the designated enterprise zones in the
State.
(2) As determined by the Secretary, the principal of
a loan:
(i) May be repayable, in whole or in part, from
specified revenues or on a contingency;
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